Tennessee State Attorney General Jonathan Skrmetti filed the first-of-its-kind consumer protection lawsuit against BlackRock, accusing the world's largest 'woke' money manager of making false and misleading claims regarding its Environmental, Social, and Governance (ESG) investment strategies to residents of the state. 

Tennessee's lawsuit addresses BlackRock's use of proxy voting to ram woke capitalism through corporate America but at the expense of returns. 

"BlackRock has admitted that promoting ESG aims — like companies' radically reducing their carbon output — can conflict with its funds' financial performance," the lawsuit said. "It is thus only fair that consumers know if the hard-earned funds they invest will be leveraged to BlackRock's ESG ends, rather than to maximizing financial returns."

The lawsuit explained, "Yet for years, BlackRock has misled consumers about the scope and effects of its widespread ESG activity," adding, "BlackRock's conduct concerning the marketing or sale of its investment products and services constitutes deceptive acts and practices under the Tennessee Consumer Protection Act."

"We allege that BlackRock's inconsistent statements about its investment strategies deprived consumers of the ability to make an informed choice," AG Skrmetti wrote in a statement. 

He continued: 

"Some public statements show a company that focuses exclusively on return on investment, others show a company that gives special consideration to environmental factors. Ultimately, I want to make certain that corporations, no matter their size, treat Tennessee consumers fairly and honestly."